• DIRECTOR GENERAL OF FOREIGN TRADE

Notification No.106(RE-08)/2004-2009 Dated 14.05.2009 - Amendments to the Notification No. 27(RE-2008)/2004-09 dated 1st August, 2008

Regarding export of onion the Central Government has made amendments to the Notification No. 27(RE-2008)/2004-09 Dated 1st August, 2008 regarding export of onion. Accordingly, the designated STEs can issue NOC to the Associates shippers and the service charges levied by them for issue of NOC will be at a uniform rate of 1% of the invoice value of export of onion. All other conditions of the notification shall remain unchanged.

Policy Circular No. 90(RE-2008)/2004-09 Dated 15.05.2009 - Clarification relating to Nexus with Exported Products under Target Plus Scheme

It is clarified that the agricultural products covered under Chapter 1 to 24 except 6(a) to 6(f) listed in Policy Circular 10 (Re2008) dated 5.6.2008 as listed at Sr. No. 6 of Policy Circular 10(RE2008) dated 5.6.2008 and endorsed on the Duty Credit Scrips issued under Target Plus Scheme, are permitted only when nexus with exported products is clearly established. Consequently, all Duty Credit Scrips issued under Target Plus Scheme shall be automatically endorsed the mandatory condition of having 'nexus with exported products'.

Policy Circular No. 89(RE-2008)/2004-09 Dated 15.05.2009 - Automatic Endorsement of permitted imports on duty credit scrips, issued under DFCE for Status Holders Scheme of EXIM Policy RE2003

'Permitted imports' on the duty credit scrips issued under DFCE for Status Holders Scheme of EXIM Policy - RE2003 will be automatically listed. The condition of 'nexus with product group exported' is mandatory in terms of Para 3.2.7.1(vi) read with Para 3.2.6A - II of Handbook of Procedures Vol. 1 (RE2003). All RAs are to ensure that this condition is endorsed on Duty Credit Scrips being issued or if and when submitted for revalidation; and Customs is to ensure that the condition of 'nexus with product group exported' is fulfilled while permitting imports.

• RESERVE BANK OF INDIA

A. P. (DIR Series) Circular No. 67 Dated 8.05.2009 - Exim Bank's Line of Credit of USD 25 million to the Government of the Republic of Mozambique

Export-Import Bank of India (Exim Bank) has concluded an Agreement dated December 2, 2008 with the Government of the Republic of Mozambique making available to the latter, a Line of Credit (LOC) of USD 25 Million (USD Twenty five million) for financing eligible goods and services including consultancy services from India for IT Park project which will comprise construction of a building and (a) an incubator (b) research and learning center (c) a technology park and administrative facility. The goods and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.

• TELECOM REGULATORY AUTHORITY OF INDIA

Press Release No. 46/2009 Dated 15.05.2009  - Independent Agencies Engaged for the Objective Assessment of Quality of Service and Customer Satisfaction Survey of Telecom Services in North East

Conducting an objective assessment of the Quality of Service provided by basic and cellular mobile telephone service providers and broadband service providers and subjective customer satisfaction surveys for assessing the customers' perception of the service and to assess the implementation and effectiveness of Telecom Consumers Protection and Redressal of Grievances Regulations, 2007, TRAI engaged M/s. IMRB International as independent agency.

• INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY

Circular No. 006/IRDA/F&A/CIR/MAY-09 Dated 11.05.2009 Pension Fund Managers (PFMs)/Points of Presence (PoP)

It has been decided that Life Insurance Companies may set-up fully owned subsidiaries to act as PFMs and no Non-Life Insurance Company would be permitted to act as PFMs. The decision of the Authority to permit life insurance companies to set-up subsidiaries for PFM is, however, subject to approval on a case to case basis. Any life insurance company intending to set-up a subsidiary to carry out PFM function must take the explicit prior approval of the Authority. The approval of the authority would be subjected to the minimum conditions provided therein. At the same time no Insurer is allowed to act as PoP.

• SECURITIES EXCHANGE BOARD OF INDIA

Circular No. SEBI/IMD/BOND/1/2009/11/05 Dated 11.5.2009 - Simplified Listing Agreement for Debt Securities

For developing the primary markets for corporate bonds in India, SEBI has notified the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008. The regulations provide for a simplified regulatory framework for issuance and listing of non-convertible debt securities by any issuer company, public sector undertaking or statutory corporation. The Listing Agreement for debt securities as set out at Annexure consists of two parts. The first part prescribes only incremental disclosures which are relevant for debt securities of such issuers whose equity shares are listed on the Exchange. The second part, which is applicable to issuers whose equity shares are not listed on the Exchange, prescribes detailed disclosures. During the currency of listing of equity shares, the issuer shall comply with provisions in Part A. In all other cases, the Issuer shall comply with provisions in Part B. The Listing Agreement for debt securities shall come into force with immediate effect for all 'debt securities', as defined under regulation 2(1)(e) of the Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008, seeking listing on the Stock Exchange.

• INDIRECT TAXATION

CBEC Customs

Notification No. 50/2009 Dated 15.05.2009 - Imposition anti-dumping duties on Cathode Ray Colour Television Picture Tubes, originating in or exported from Malaysia, Thailand, China PR and Korea RP

The Central Government on the basis of the final findings of the designated authority, imposes anti-dumping duty on the import of Cathode Ray Colour Television Picture Tubes originating in, or exported from Malaysia, Thailand, China PR and Korea RP. The anti-dumping duty imposed vide this notification shall be levied with effect from the date of imposition of the provisional anti-dumping duty, that is, 24th July, 2008

Notification No. 49/2009 Dated 15.05.2009 - Imposition of anti-dumping duty on steel and fibre glass tapes and their parts and components, originating in, or exported from, the People's Republic of China

The Central Government in exercise of the powers conferred under Customs Tariff Act, 1975 read with rules 18 and 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 , imposes anti-dumping duty on steel and fibre glass tapes and their parts and components originating in or exported from, the People's Republic of China.

Notification No. 47/2009 Dated 12.05.2009 - Imposition of Provisional Anti-dumping Duty on Imports of Specified Goods, Originating in or Exported from, People's Republic of China

On the basis of the preliminary findings of the designated authority, provisional anti-dumping duty has been imposed on the import of all kinds of plastic processing or injection moulding machines, also known as injection presses, having clamping force not less than 40 tonnes ), originating in or exported from, People's Republic of China.

Circular No. 15/2009 Dated 12.05.2009 - Levy of Interest under Section 47(2) of the Customs Act, 1962 for delayed payment of duty in respect of clearance of goods from a bonded warehouse

It has been clarified by the Board that the provisions of Section 47 (2) are not attracted in case of clearances made under Section 68. Accordingly, no interest is liable to be paid on goods deposited in a warehouse and being cleared for home consumption by filing the Bill of Entry prescribed under Section 68 of the Act, for delayed payment of duty i.e. if the importer fails to pay the duty within 5 working days from the date on which such Bill of Entry is returned to him for payment of duty. However, interest on warehoused goods is payable when they remain in a warehouse beyond the period specified in Section 61(1) as per provisions of Section 61 (2).

CBEC Excise

Circular No. 887/07/ 2009-CX Dated 11.05.2009 Guidelines Relating to Return Scrutiny Manual

CBEC issues guidelines superseding the earlier instructions issued vide Circular No.818/15/2005-CX from F.No.224/1/2005-CX.6 dated 15th July, 2005 and Circular No.249/83/96-CX issued from F.No.206/1/96-CX.6 dated 11.10.96. The said guidelines seeks to explain the content of the Return Scrutiny Manual, which has been prepared and is now being circulated to all the field formations.